A sort of insurance coverage known as mediclaim insurance is created expressly to pay for the policyholder’s medical costs. The insurer reimburses your expenses when medical bills are reported to the insurance company under a mediclaim policy.
Mediclaim plans additionally provide cashless treatment insurance in the event that a person lacks the financial means to pay for medical expenses. The policyholder of a cashless treatment plan need not worry about bill payments because the insurance provider would cover the hospital expenses immediately.
But your family’s safety and well-being are equally crucial to you. A mediclaim policy for family protects every member of your family from unforeseen medical expenses and gives them access to top-notch medical care in the event of a medical emergency.
With a decent mediclaim policy for family, you and your family can access the required medical services at a reasonable cost without depleting your finances.
Coverage of Mediclaim Policy for Family
One of India’s most popular types of health care coverage plans is a mediclaim policy for family. These medical insurance policies provide adequate aggregate protection for the proposer’s chosen immediate family members, such as spouse, children, parents, and grandparents.
Family health insurance allows you to ensure both yourself and your legally married spouse, dependent children, parents, parents-in-law, etc., based on the amount of insurance. Floater Family Health Insurance allows you to claim up to the full amount insured in an emergency.
However, this reduces the benefits of coverage for other family members. Another highlight of family floater health insurance plans is that most health plans are covered by COVID-19 treatment based on these plans. This means you benefit from the costs incurred as a result of the positive consequences of COVID-19 for a significant period of time as part of your new or existing family health insurance strategy.
Exclusions of Mediclaim Policy for Family
A medical condition or healthcare expense that is not covered by your health insurance plan is an example of an “exclusion.” Since it isn’t covered, your health insurance company won’t pay the expenses.
Your illness or medical condition would not be covered by the policy if it existed before you purchased a health insurance plan. Depending on the ailment and its risk, there may be a waiting period of 2-4 years or longer before these pre-existing disorders are covered.
Pregnancy and problems related to it
Health insurance policies do not cover pregnancy, delivery, abortion, or any treatment linked to or resulting from pregnancy. However, there may be a waiting time before some mediclaim policy for family would cover pregnancy or as an add-on.
Oral, hearing, and visual health
There may be some exceptions, but since they don’t need hospitalisation, dental and vision procedures aren’t covered by health insurance plans. However, if hospitalisation is necessary, it may be paid for. It is therefore recommended to inquire about it with your health insurance company. These advantages can also be added as an add-on to an existing health plan, though.
All cosmetic operations are not covered by health insurance because cosmetic surgery is typically done to improve a person’s look. Plastic surgery can, however, be covered in accident or injury situations if it is necessary.
Benefits of Mediclaim Policy for Family
Following are the main advantages of the mediclaim policy for family:
You can add new members
Depending on the terms and circumstances of the policy, family floater plans let you add new family members in the midst of the policy period.
Protection for the whole family
With Floater Pans, you can have coverage for everyone in your family – including yourself, your spouse, your dependent children, and your dependent parents – under the same plan.
Simple to handle
One insurance plan is simpler to deal with and maintain than purchasing multiple policies and learning the terms and conditions of each separately.
The premiums are affordable
The premium paid for the entire family is less than that of individual plans because, in the case of floater plans, the entire family would be covered under the same premium amount, making it easily affordable. If you were to purchase individual insurance plans for each member of your family, you would have to pay a premium on each plan separately.
When you purchase a family floater plan, you can take advantage of a tax deduction of up to Rs 25,000! You can benefit from a tax deduction of up to Rs 50,000 if you or even one of the policy’s members is a senior citizen and falls into the group of people over 60.
One must constantly take into account the variables that affect the premium, such as the mortality rate, personal and family medical histories, annual family income, and the coverage selected.
Important deciding criteria include the size of the family and the policy’s terms and conditions. You can buy mediclaim policy for family by Care Health Insurance to safeguard yourself and your loved ones.